Bank Negara is urging over two million old banks ATM cardholders to upgrade their card soonest possible.
Director of Payment Systems Policy Department, Bank Negara Malaysia (BNM) Tan Nyat Chuan said the old card will no longer be used after July 1, 2017.
Up to March 31 this year, about 91.6 percent of Malaysians had upgraded to using the new PIN-based bankcard.
According to Bank Negara, almost all transactions today are PIN-based and Banks will no longer allow signature-based transactions after the cut-off period – July 1.
The PIN-based policy was implemented early this year, with industry players given a six-month grace period to address any glitches.
Tan said 99.6 percent of POS (point of sale) terminals in the country have been upgraded, and the remaining 870 terminals in the process of upgrading.
He added that all petrol kiosks in the country, estimated to be over 30,000 units had upgraded their outdoor payment terminals (OPTs) to the new PIN-based system.